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APESB marks 15-year anniversary milestone 

THE Accounting Professional and Ethical Standards Board (APESB), the independent body that sets the code of ethics and professional standards for Australia's accounting professionals, marked its 15th anniversary this week.

The APESB chair, Nancy Milne OAM, said, "Over the past 15 years, the APESB has delivered world-class professional standards, including the Code of Ethics, which are key drivers in the recognised ethical standing of professional accountants.

"Importantly, there is a renewed focus and increasing community expectations of professionals' ethical behaviour and conduct, which is being driven by recent events such as the Financial Services Royal Commission and the Parliamentary Joint Committee (PJC) Inquiry on Audit Regulation.”

The impact of the global COVID-19 pandemic on the general public and business community, has highlighted the critical role professional accountants and auditors play to help facilitate the continued functioning of the economy.

To build on the high levels of public trust in the accounting profession and ensure its standards represent global best practice, Ms Milne said the APESB is working towards:

  • ·strengthening auditor independence requirements in relation to non-assurance services and transparency of fee arrangements;
  • ·implementing changes to the requirements for quality and risk management systems of firms to redefine professional practice; and
  • ·developing resources at a national and global level to guide ethical conduct.

Recently, the APESB released guidance on auditor independence (jointly with the three major professional accounting bodies), the impact of COVID-19 and whistleblowing. The Board has also actively contributed to the work program of the International Ethics Standards Board of Accountants (IESBA) as a National Standards Setter to influence the global ethical standards. 

“As we move forward into our next strategic period, the APESB looks forward to continuing its public interest mandate to set and maintain professional and ethical standards to enhance the professionalism of the Australian accounting profession,” Ms Milne said.

She said APESB appreciated the contribution of all stakeholders, especially the professional accounting bodies, regulators, standard-setters and taskforce members who have contributed to its journey over the years. To mark its 15th anniversary, the APESB will host a thought-leadership event later in the year.

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Australia's fuel security threatened by closure of Altona oil refinery

AUSTRALIA faces a growing fuel security crisis following ExxonMobil’s announcement that it plans to close the Altona oil refinery in Melbourne, with a loss of 350 jobs, further increasing the nation’s reliance on imported fuel to keep the economy moving, according to the Maritime Union of Australia (MUA).

The closure is the second announced in five months, following BP’s decision last year to shut the Kwinana refinery in Western Australia, leaving just two domestic fuel producers.

The MUA said the news highlighted the failure of the Morrison Government’s $2.5 billion fuel security package — announced last September — with the Viva Energy plant in Geelong the only refinery to sign up.

The union warned that the replacement of domestic fuel production with a growing reliance on fuel refined overseas and transported to Australia on foreign owned and operated tankers was making the nation increasingly vulnerable to any international crisis that impacts maritime trade.

MUA assistant national secretary Jamie Newlyn said the Federal Government needed to take urgent action to retain remaining refineries, increase domestic fuel stockpiles, and boost supply chain resilience.

“It is clear the Morrison Government’s fuel security plans have failed, with half of Australia’s remaining oil refineries announcing their closure in the last five months,” Mr Newlyn said.

“Even before these refineries close, more than 90 percent of Australia’s refined fuels are coming from overseas, leaving the nation seriously exposed to any crisis that impacts on maritime supply chains.

“We need urgent action from the Federal Government, with options including the purchase of these refineries — allowing this critical infrastructure to continue to operate under public ownership — along with a massive increase in domestic fuel reserves and the development of a strategic shipping fleet.

“The Federal Government should insist that if the Altona refinery closes, ExxonMobil must create a fleet of Australian-registered tankers to carry fuel to Australia and transport it around the coast.

“If ExxonMobil committed to use just 10 Australian ships to import and distribute fuel, it would create 340 seafaring jobs.”

Mr Newlyn said Australia continued to fall well short of the International Energy Agency’s 90-day fuel stockholding obligation, meaning the nation could run out of liquid fuel within weeks if a major crisis cut supplies.

“The COVID crisis exposed the vulnerability of Australia’s supply chains,” he said.

“If a pandemic, military conflict, natural disasters, or an economic shock cuts the flow of fuel to Australia, the situation would be catastrophic, with every part of the nation grinding to a halt.

“The Morrison Government keeps tinkering at the edges, rather than taking decisive action to address fuel security.

“What is required is an urgent, massive increase to fuel storage capacity in Australia — in line with the IEA’s fuel stockholding obligation — along with the development of a strategic shipping fleet of Australian tankers that can continue bringing fuel to the country in a crisis.

“Defending Australia’s economic security requires the strengthening of supply chains, especially for essential goods like fuel.”

In a report commissioned by the MUA, ‘Australia’s Fuel Security – Running on Empty’, shipping expert John Francis recommended the retention of a minimum number of Australian owned, managed and crewed tankers, saying it was justified on national security grounds and could be achieved at a minimal cost to end users.

‘Australia’s Fuel Security – Running on Empty’ is at: https://bit.ly/31cDisq

 

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'Thuggery cannot be part of recovery' say Master Builders

“CONFIRMATION that an Albanese Labor Government will abolish the Australian Building and Construction Commission (ABCC) is deeply disappointing and will severely undermine builder’s contribution to economic recovery." That is the view of Denita Wawn, CEO of Master Builders Australia.

“Unleashing construction union thuggery will undermine recovery,” Ms Wawn said. 

“The ABCC is crucial for the building and construction industry, crucial for the economy and crucial for the entire community.

“The economic impact of the pandemic cannot be ignored. Just as governments around the country are putting construction front and centre of their economic recovery plans, Labor is planning to take the leash off construction union thugs and bullies.

“By upholding the rule of law on worksites, the ABCC means construction workplaces can operate like normal workplaces and is central to tackling the toxic culture of lawlessness and thuggery deployed by building unions that has been plagued the sector for decades,” Ms Wawn said. 

“There is absolutely no evidence to support abolishing the ABCC but there is a mountain of evidence to support its retention, including hundreds of Federal Court judgements, countless inquiries and reviews, and four separate Royal Commissions of Inquiry spanning three decades. 

“Thuggery and lawlessness on construction sites rob the community by driving the cost of much needed community infrastructure by up by as much as 30 percent. These behaviours cheat the community of more classrooms, more hospital beds and more childcare places,” Ms Wawn said. 

“Giving a green light to thuggery and bullying will undermine the economic recovery and is contrary to the community’s interests."

www.masterbuilders.com.au

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Urgent government action needed to stop silicosis epidemic

LAW FIRM taking a lad in combatting dust diseases, Maurice Blackburn, is supporting calls by the Australian Workers Union (AWU) for tougher national regulations to protect all workers from deadly silica dust.

The AWU has launched a new campaign demanding the Federal Government impose minimum safety benchmarks and tougher penalties across all industries where workers are exposed to silica, rather than only focusing on stonemasons.

Maurice Blackburn principal, Jonathan Walsh said the government’s lack of urgency in addressing the issue was threatening the lives and livelihoods of many thousands of workers.

“I’ve said previously the reforms recommended by the government’s National Dust Diseases Taskforce’s interim report are pathetic and weak,” Mr Walsh said.

“Workers are dying but the Federal Government is effectively sitting on its hands instead of moving quickly to ensure the health and safety of workers.

“It is not enough for the government to focus only on engineered stone when we know that other workers, such as miners and tunnellers can be similarly exposed to highly dangerous levels of silica dust and develop chronic or fatal lung conditions,” Mr Walsh said.

“All Australian workers should have what is known to be best practice when it comes to safety in their workplace – their lives and their families’ well-being shouldn’t be up for negotiation.

“Surely, Australia can do better than that.

“Our client, Joanna McNeill is leading the union’s campaign for urgent action and is sadly suffering the consequences of lax industry safety practices when it comes to silica dust,” Mr Walsh said.

“Only 34 years old and the mother of two very young children, Joanna was diagnosed last year with silicosis after working in the mining industry.

“She wants to see tougher laws so that no other worker and their family is left in the same position simply because they did their job.”

https://www.awu.net.au/national/campaigns/13261/silicosis-kills/

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RBA Governor to appear before House Economics Committee

THE House of Representatives Standing Committee on Economics will hold a public hearing with the Governor of the Reserve Bank of Australia (RBA), Philip Lowe, on Friday, February 5, 2021. The RBA last appeared before the committee in December 2020.

Committee chair, Tim Wilson MP, said, "There have been few times when monetary policy has been more consequential for the Australian economy.

"The committee will be scrutinising the RBA’s measures in response to the COVID‑19 pandemic, particularly the move to implement quantitative easing, and how these measures will help the Australian economy recover.

"The decisions the RBA are making has an impact on everyone, and with cheap easy money pushing up asset prices, and the spectre of inflation and higher super that could soften wage increases on the horizon, there needs to be scrutiny of the consequences of their decisions.

"Issues of the governance culture within the RBA remain a point of public discussion and also need to be properly scrutinised," Mr Wilson said.

Public hearing details

Date: Friday, 5 February 2021
Time: 9.30am to 12.30pm
Location: Main Committee Room, Parliament House

The hearing will be broadcast live at aph.gov.au/live.

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Painting a clearer picture of Australia's arts scene

FOLK, THEATRE, videogames and galleries are among a host of Australian arts bodies who will give evidence as part of an ongoing inquiry into the state of the Australian arts sector.

Chair of the Standing Committee on Communications and the Arts, David Gillespie MP, said the hearings on February 5 and 19, 2021, will further investigate the challenges faced by specific arts industries over the past year.

"Australia boasts a rich cultural and creative landscape and I’m eager to hear about the key areas for growth and development for our creative industries, as well as the challenges that have recently tested their resilience," Dr Gillespie said.

"The committee will also take evidence from government departments on their support for Australia’s arts workers, especially during the COVID-19 pandemic.

"With an estimated contribution of 6.4 percent of Australia’s GDP, the committee recognises the fundamental role our creative and cultural industries play in Australia’s economy. We are keen to understand how Australia can best harness its creative and cultural capabilities in order to rebuild this vital part of our economy to be better than ever," Dr Gillespie said.

The full programs for February 5 and 19 and the Inquiry’s terms of reference, may be found on the Inquiry webpage. The hearings will be broadcast live at aph.gov.au/live

Information about the committee, including membership, may be found on the committee’s webpage.

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Extra time for submissions to external territory inquiries

THE Joint Standing Committee on the National Capital and External Territories has extended the time for making submissions to its two current inquires to 31 March 2021.

The inquiry into economic, social and environmental sustainability in the Indian Ocean Territories is examining topics including education, research, citizen science, biodiversity, job creation, costs of living and socially responsible development.

The inquiry into enabling communications infrastructure in Australia’s external territories of Norfolk Island, Christmas Island, and the Cocos (Keeling) Islands is considering the current communications situation in each of the territories, activity underway to enhance connectivity and services, and the options and opportunities for improving availability of and access to communications infrastructure.

Committee chair, Anne Webster MP, said, “The committee wants to ensure all interested people and organisations, including residents, businesses and community groups have an opportunity to put forward their views.”

The Committee is accepting submissions addressing the terms of reference until 31 March 2021. The terms of reference for each inquiry and further information on how to prepare and lodge a submission can be found on the inquiry websites.

Public hearings are being planned and will be announced in due course.

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Small businesses experience growing share of phone and internet complaints

BETWEEN October and December 2020, residential consumers and small businesses made 30,564 complaints about phone and internet services. This is a decrease of 11.2 percent compared with the previous quarter.

However, the seasonal comparison shows a 5.7 percent increase when comparing July to December 2020 against the same period in the previous year.

The Telecommunications Industry Ombudsman’s Quarter 2 (Q2) 2020-21 Complaints Report shows while the number of complaints from small businesses decreased compared to the previous quarter, the proportion increased to 17 percent of total complaints. This is the highest proportion of phone and internet complaints from small businesses in the last five quarters.

The data published on February 3, 2021 shows a decline in complaints across all service types in the quarter. After a high reliance on internet services during the early phases of the COVID-19 pandemic, internet complaints have dropped 20.7 percent.

Mobile has become the leading service type with 10,118 complaints. The volume of mobile complaints remains steady compared to the previous quarter and to Q2 2019-20. 

All top 10 issues have decreased in volume compared to the previous quarter, apart from contract variations by providers, and consumers having no working service. The issue of providers being uncontactable decreased 40 percent this quarter.

For small businesses, complaints about the disconnection of services have appeared in the top 10 issues, replacing complaints about number problems. This quarter also showed increases in the volume of complaints about business loss and having no working service.

Complaints about the top 10 providers decreased in volume compared to the previous quarter, although some providers saw increases compared to Q2 2019-20. Complaints about Dodo Services Pty Ltd declined 23 percent compared to Q1 2020-21, and TPG closely followed with a decrease of 21 percent. 

Commenting on the Q2 results, Ombudsman Judi Jones said the decline in complaints this quarter was pleasing to see.

“Although we often see complaints decrease this time of year due to the summer break, after the challenges of 2020, this is a significant accomplishment," Ms Jones said.

"The industry, government, regulators, advocates, and Ombudsman have demonstrated a commitment over the past year to ensure continuity of service for consumers in the face of great change.

“Small business owners and telcos have done it tough through the pandemic. Whilst the slight proportional increase in small business complaints isn’t yet cause for concern, it is important that small business owners have access to reliable phone and internet services, as many depend on these services to operate. The impact of phone and internet problems can be significant for small business owners who don’t have a back-up plan.”

 

About the Telecommunications Industry Ombudsman 

The Telecommunications Industry Ombudsman provides a free and independent dispute resolution service for residential consumers and small businesses who have an unresolved complaint about their phone or internet service. Contact www.tio.com.au or phone 1800 062 058.

 

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Public hearing with health leaders on COVID-19 vaccines

ON FRIDAY, February 5, the House of Representatives Standing Committee on Health, Aged Care and Sport will hold a public hearing on the development, approval and distribution processes for COVID-19 vaccines.

The hearing forms part of the committee’s ongoing inquiry into approval processes for new drugs and novel medical technologies in Australia.

The committee will hear evidence from the Department of Health’s Secretary, Professor Brendan Murphy, and Deputy Secretary, Adjunct Professor John Skerritt. It will also hear from Associate Professor Christopher Blyth and Professor Allen Cheng, co-chairs of the Australian Technical Advisory Group on Immunisation.

The chair of the committee, Trent Zimmerman MP, said, "The race to develop a COVID-19 vaccine has brought unprecedented attention, not just to Australian processes but also to other countries’ processes, as to how new drugs and medical technologies are developed, approved and distributed.  The development of COVID-19 vaccines represents one of the great triumphs of scientific endeavour.

"The success of the vaccination program in Australia is vital to the health and well-being of all Australians so this will be an important opportunity for the Committee to receive advice from Australia’s top health officials on the government’s plans and the status of vaccine assessments. 

"The committee hopes both to increase public awareness of how COVID-19 vaccines are being developed, approved and distributed, and to draw on useful lessons learned for the future development and approval of new drugs and medical technologies," Mr Zimmerman said.   

Further information about the committee’s inquiry including the full terms of reference are available at the Committee’s website. To listen to the audio live streaming click here.

Public Hearing Program - Friday 5 February

Time

Witnesses

12.30pm – 2pm

Prof. Brendan Murphy and Adj Prof. Skerritt, Department of Health

2pm – 3.30pm

Ass Prof. Blythe and Prof. Allen Cheng, Australian Technical Advisory Group on Immunisation

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Electoral Matters Committee extends closing date for submissions

THE Parliament’s Electoral Matters Committee has extended the time to make submissions for its inquiry into the Electoral Legislation Amendment (Electoral Funding and Disclosure Reform) Act 2018.

"There will be a two week extension for the community to have its say, with submissions now closing on Wednesday, 17 February 2021," committee chair Senator James McGrath announced.

Senator McGrath noted that the committee will examine the operation of the amendments, dealing with foreign donations; the clarity of public guidance products issued by regulators; and the impacts of amendments to the original bill that are relevant to charitable issue-based advocacy.

The committee is inviting written submissions addressing any or all of the terms of reference. Information on how to make a submission may be found at this link. The Committee is due to report by 31 May 2021.

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Skilled migration in a post-COVID Australia

PRIOR to the onset of the COVID-19 pandemic, more than 100,000 migrants entered Australia under the skilled migration program each year. These migrants play an important role in filling gaps in the Australian workforce and will continue to do so in future.

Joint Standing Committee on Migration Chair Julian Leeser MP said the new inquiry into Australia’s skilled migration program was an important opportunity to examine the broad settings behind the program.

“The COVID-19 pandemic gives us a chance to consider how current skilled migration settings are serving Australia’s needs now and into the future,” Mr Leeser said.

“The Committee will consider how we attract entrepreneurs, venture capitalists and highly skilled migrants to make Australia their first choice to invest, establish businesses and create jobs.”

“Australia’s excellent health and economic response allows us to attract great entrepreneurs and skilled people looking to relocate. We want them to see Australia as the best place to establish a business with our safe, highly functioning democracy, good health and economic systems and the rule of law.” Mr Leeser said.

Mr Leeser is encouraging people to contribute to the process. Submissions responding to terms of reference 1(a) and 2 will be accepted until 1 March 2021, while submissions addressing the remaining terms of reference will be accepted until 31 March 2021.

More details on the inquiry are available on the Committee website.

The terms of reference for the inquiry are:

The Joint Standing Committee on Migration shall inquire into and report on Australia’s skilled migration program, with reference to:

1. The purpose of the skilled migration program and whether it is meeting its intended objectives, including:

a) If any immediate adjustments are necessary in the context of the future of work and pandemic recovery; and

b) If more long-term structural changes are warranted;

2. Australia’s international competitiveness in attracting entrepreneurs, venture capital, start-ups, and the best and brightest migrants with cutting edge skills;

3. Skills lists and the extent to which they are meeting the needs of industries and businesses and keeping pace with Australia’s job landscape;

4. The administrative requirements for Australian businesses seeking to sponsor skilled migrants, including requirements to prioritise job opportunities for Australians and job creation;

5. The costs of sponsorship to businesses seeking to sponsor skilled migrants;

6. The complexity of Australia’s skilled migration program including the number of visa classes under the program and their requirements, safeguards and pathways; and

7. Any other related matters.

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